Serious financial trouble can hit you when you least expect it. You either lost your job, your business may not be doing well, or circumstances with your investment fared terribly. These setbacks can lead to much stress, especially when you know you can no longer pay for your mortgage and you risk losing your home.When this happens, know that you have a way out. Let’s look … [Read more...] about Struggling with Your Mortgage Payments? Here’s What You Can Do
It’s never been easier to own a home, thanks to borrower-friendly mortgages that continue to adjust their qualifications and risk assessment to cater to more Americans in need of homes.Nowadays, you can find mortgage programs that do not require the traditional 20 percent down payment as in FHA loans, or even no credit evaluation in the case of VA loans. Many lenders are … [Read more...] about Can I Get a Mortgage With a Part-Time Job
Many people automatically think of “mortgage” when they hear about buying a home. But not all homebuyers want to deal with interest rates and the long process of home loan acquisition. In fact, paying for a home in cash is more popular than you think.But in today’s climate, would paying in cash be more advantageous than getting a mortgage?Let’s take a closer look at … [Read more...] about The Pros and Cons of Paying Cash for Your Home
Sometimes an applicant does not have the necessary credit to qualify for a home loan, yet he is responsible with his finances and should qualify. This need is recognized with the HomeReady™ Home Loans program, allowing borrowers to use nontraditional credit in the place of credit trade lines that report on a credit report. The only borrowers that are able to use nontraditional … [Read more...] about What Types of Nontraditional Credit are Allowed on HomeReady™ Home Loans?
If there was an ideal debt-to-income ratio for HomeReady™ Loans, it would be less than 45 percent as that is the cutoff for Fannie Mae concerning when a borrower can use the income of a non-borrower as a compensating factor. Aside from that, the ideal DTI is really dependent on the other factors that the loan brings to the table. For example, if you have a 650 credit score, DTI … [Read more...] about What is the Ideal DTI Ratio for HomeReady™ Loans?